Dayana C.

asked • 03/19/15

Calculate the cost of both options

josh needs $320 to pay off his cell phone. He can use his credit card, but the $320 payment will put him at his card limit. His other option is to take a payday loan. His credit card has an annual rate of 16.8% compounded daily. The payday loan charges a daily rate of 0.75%. Calculate the cost of both options if he will pay both off when he receives his next pay cheque in 3 weeks.

awnsers: 
Cost pay day loan: I=$50.40
Cost of credit card: I=$3.11
 
I don't how to find the awnser.

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